Broadcast's Indie Survey: economic uncertainty dents confidence

Indie revenues rose by more than a quarter last year but still remain below pre-pandemic levels, according to Broadcast’s annual Indie Survey.

The 130 indies who took part in this year’s survey posted combined revenues of £3bn, up 26% from last year’s £2.4bn but down from March 2020’s £3.4bn.

Last year, with production levels having increased after a Covid-influenced lull, 41% felt more positive about the industry than they had pre-Covid, but this year that figure fell to 32% - while 31% said they felt less positive than three years ago.

Almost every indie surveyed – 97% - was concerned about the threat of an imminent recession, with a third of respondents saying they were “very concerned”.

While cost inflation continues to be indies’ primary worry, some 16% said the UK economy is a major concern, up from 7% last year.

Left Bank Pictures reported the highest revenues in the latest survey, with turnover up 114% to £201.2m thanks to premium commissions like The Crown and ITVX drama Without Sin.

It swapped places with Taskmaster producer Avalon, which dipped slightly (3.9%) to £137.7m.

Avalon remains the biggest ‘true’ indie, followed by Sister (£95.7m) and Done and Dusted Productions, which reaped the benefits of the Commonwealth Games to grow turnover by 45% to £90m.

Expectation Entertainment (£56m) and Hat Trick Productions (£55m) round out the top five 'true’ indies.

The Tinder Swindler producer Raw TV topped the indie sector’s Peer Poll for the third consecutive year, followed by All or Nothing: Arsenal’s 72 Films - which secured majority funding from Fremantle UK last year - and Studio Lambert for its success with smash hit The Traitors.